Saturday, June 19, 2021

Centre liberalises insurance compensation schemes under ESIC, EPFO

Centre has enhanced and liberalised the insurance compensation schemes under Employees State Insurance Corporation and Employees Provident Fund Organization with a view to mitigate the financial difficulties faced due to death of single earning member in the family. The decision on the relief measures were taken by Prime Minister Narendra Modi in an important meeting held in New Delhi yesterday.

Under the relief measures announced, benefit of ESIC pension scheme for employment related death cases has been extended to even those who have died due to COVID. Dependent family members of such persons will be entitled to the benefit of pension equivalent to 90 per cent of average daily wage drawn by the worker as per the existing norms. This benefit will be available retrospectively with effect from 24th of March of last year and for all such cases till 24th of March next year.

Additionally, the insurance benefits under the Employees’ Deposit Linked Insurance Scheme (EDLI) have been enhanced to seven lakh rupees. The provision of minimum insurance benefit of two lakh 50 thousand rupees has been restored and will also apply retrospectively from 15th of February last year for the next three years. To benefit families of contractual and casual workers, the condition of continuous employment in only one establishment has also been liberalized.

The benefit under the relaxed norms will be made available to families of even those employees who may have changed jobs in the last 12 months preceding their death.

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